Japanese firms looking to invest in the Kingdom
Japanese firms looking to invest in the Kingdom
Seventeen Japanese companies from various sectors are seeking investment and business opportunities in Cambodia to tap the benefits of the country’s sound economic growth over the last two decades.The business matching between Cambodian partners and Japanese investors was held at Acleda Bank’s headquarters in Phnom Penh on Wednesday. It was jointly organised by Acleda bank and the Cambodia-Japan Association led by former Japanese Ambassador Fumiaki Takahashi.
In Channy who led a group of potential local investors said the business matching was made to fulfil the commitment made by Prime Minister Hun Sen, who spoke with Japanese investors in Tokyo during his visit to Japan recently.
“Prime Minister Hun Sen called for more Japanese investors to invest in Cambodia. Then, I met with former Japanese ambassador [Takahashi] in Cambodia in September when we discussed how to materialise the Prime Minister’s appeal.
“That’s why we now have 17 big companies from Japan from various sectors coming here to seek room for investment in our country,” Channy told reporters after the meeting.
The Japanese companies are from the engineering, construction and real estate, banking, technology, hospitality, health food and agriculture industries.
Some companies here today are already investing but many others have not invested here, Channy said.
“Business matching is a platform where both sides could talk directly and share information. We all know that Japanese investment always brings a brand of trust and the quality of investment into any country. Most Japanese investors are looking at long-term.
“Particularly, Cambodia got a very strong economic growth for more than two decades while we also got political stability and social stability that are the key points to attract them to invest here,” Channy added.
Takahashi said since both countries already signed the investment guarantee agreement, the flow of investments from Japan to Cambodia will keep increasing.
“Business matching aims to bring together the Japanese companies to meet potential Cambodian businessmen and investors to seek joint investment opportunities or exchange contact information.
“I brought some members of the association to Cambodia now to expand the Japanese investment and business into Cambodia. I am sure Japanese companies will have more knowledge about the economic situation in Cambodia, which is very promising,” he said.
Bilateral trade between Cambodia and Japan reached $1.9 billion, in the first 10 months of the year – a slight increase of 0.44 per cent compared to the same period last year which was $1.89 billion, according to data from the Japan External Trade Organisation.
Of the figure, exports of goods from Cambodia to Japan was worth $1.45 million, an increase of 7.8 per cent, and imports of Japanese goods from Cambodia was $444,937, a 34.2 per cent increase.
According to the Council for the Development of Cambodia, from 1995 to the first quarter of 2019, the government approved 137 projects worth $2.5 billion from Japan.
Most of the projects were energy, assembling of electronic components, auto spare parts, agro-industry, food processing, hospitality, health and retail sectors.
